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Bank Transfer

Bank transference (bank transfer) or bank charge, is an electronic payment method from one person to another or to an entity. A bank transference can be made from a bank account or a cash deposit in a bank (on this day and age some banks allow deposits via ATM).

Different bank transference systems establish different options based on the operator. For example, bank transferences made to an entity that is not part of the same bank can result in fees that we didn’t contemplate on the beginning. When the transference is made to a foreign country account the fees may be really high, moreover on the case that a currency exchange has to take place.

The process of a bank transference can take from a few hours (when the deposit is made to an entity which has an account on the same bank) and up to a few days if the deposit is made to an entity that has an account on other bank, in accordance to the pre-established transaction agreements between the different banking entities.

To be able to make a bank transference we require the following information:

  • Name of the entity receiving the money
  • IBAN number
  • Swift or BIC code( in case it is a foreign entity, this code is specified by the banking entity)
  • Transference sum
  • Concept (Reference text so the receiver knows who made the deposit and why is it receiving the deposit)

The bank transference is one of the payment methods that lacks protection of the consumer, because once the transaction is done, the receiver already has the money and there is no intermediate platform to deal with any situation that may arise.